Emaar and Etisalat fail in Telsim bid
Two leading UAE entities, Etisalat and Emaar, on Tuesday fell short of offering the highest price for Telsim, Turkey's second largest mobile telephone operator.
Emirates Telecommunication Corporation – Etisalat – has confirmed that their bid submitted for ownership of the Turkish mobile phone firm Telsim has not been the highest.
Mohammad Hassan Omran, Chairman and CEO, Etisalat, said: “Our bid was based on a thorough study to gauge the true value of Telsim. “Our prime motivation for our international expansion programme is to build value for our shareholders, as is amply demonstrated in our investments in Saudi Arabia, Sudan and our significant equity participation in Atlantique Telecom,” he said.
Etisalat officials were satisfied with the professionalism and transparency of the bid process for Telsim. It was the first telecom experience for Emaar, whose expertise lies mostly in real estate.
© 2005 Al Bawaba (www.albawaba.com)